Property developer Philippine Realty and Holdings Corp. (Philrealty) is set to acquire crucial land in BGC and buy back some office space and parking lots in Tektite Tower in Ortigas using its own stocks as currency.
The land in BGC will be acquired from Greenhills Properties Inc.. (GPI), its controlling stockholder, while the Tektite units will be bought from Meridian Assurance Corp. (MAC).
Philrealty’s board approved the issuance of 4.18 billion common shares in favor of GPI and 150.39 million common shares in favor of Meridian.
These shares will have a par value of 50 centavos each.
Based on the disclosure, GPI will contribute two vacant lots located in BGC. Each lot is sized at 1,600 square meters.
As Philrealty was one of the original members of the consortium that took over the privatized Fort Bonifacio, it wants to increase its stake in this area, which has since become a new central business district at par with Makati.
One of the lots under this transaction is registered under the name of GPI and GPI has also acquired another BGC lot from its wholly owned subsidiary, Lochinver Assets Inc. by way of merger, which in turn had been approved by the Securities and Exchange Commission, with GPI as the surviving corporation.
MAC, on the other hand, will be contributing various office condominium units and parking slots located at the Philippine Stock Exchange Centre (formerly Tektite Towers), Ortigas Center, Pasig City and commercial condominium units and parking slots located at the Icon Plaza, BGC, Taguig City. —DORIS DUMLAO-ABADILLA